India’s Paytm announces toll-free mobile number to serve offline users


India’s Paytm app, which recently reported more transactions on its platform than all plastic cards combined in the country, has found a way to further bolster its reachability. 

The ecommerce player announced Wednesday a toll-free interactive voice response (IVR) number that users with any kind of phone — be it a feature phone — can dial in to make use of Paytm’s digital wallet service. The toll-free number for the IVR service is 1800-1800-1234.

When a user dials in the number, they are asked to create a security code (Paytm PIN), which once set allows them to enter the registered mobile number of the person to whom they wish to send money.  Read more…

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India stops exchanging old notes, here’s what to do with them now


If you have Indian currency that has been deemed invalid, there are only limited options to rid yourself of the cash. 

In a shock move Thursday, the Indian government announced as of midnight it would stop the over-the-counter exchange of old currency notes — bills of Rs 500 and Rs 1,000 denomination that were deemed useless in market earlier this month

India’s Prime Minister Narendra Modi delivered a surprise televised address to the nation to announce the government’s immediate plan to invalidate the most circulated cash in the country. The move is an attempt to stamp out cash, known as “black money,” being hoarded to avoid tax.  Read more…

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India admits defect in newly issued Rs 500 notes, creates more confusion among citizens


In what is yet another sign of India’s unpreparedness in the aftermath of invalidating its most circulated cash, two variants of new currency notes have surfaced in the market, creating confusion among citizens. 

Days after people began reporting discrepancies in the newly issued Rs 500 note, the Reserve Bank of India has admitted of some printing errors. These errors are not only creating confusion among people, but also pose counterfeiting risks. 

“It is likely that notes with printing defect have gotten released due to the current rush,” RBI spokesperson Alpana Killawala told TOI, adding that one could still use the note in transactions, or return it to RBI. According to the report, these notes differ in alignment of the national emblem and serial numbers.  Read more…

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